Estonian startup Co-one secured a €640K seed round led by Maxis Innovative Fund and reached a valuation of €4.2 million. The deal was closed in late January. Other investors include TechOne Venture Capital, Lima Ventures, Domino Ventures, Leap Investment, Chooch AI CEO Emrah Gültekin, and Investment Banker Siret Ünsal.
Backing the AI rush
Founded in 2021 by A. Arman Kayhan and Mert Menekşe in Tallinn, Co-one provides AI-based data labelling services, specializing in the fast, accurate, and reliable annotation of image, video, and text data. Their Annotation Management Dashboard enables companies to manage their data labeling processes efficiently.
The company also offers the Kovan App, which provides more than 3,500 users with the opportunity to earn income by tagging and annotating data for use in machine learning algorithms. This critical process helps improve AI systems’ accuracy and reliability by providing high-quality datasets.
As AI adoption booms globally, the startup enjoyed steady growth. In 2022, it increased its monthly data labelling volume by 20x and company growth by 9x, significantly contributing to the AI ecosystem.
Co-one is currently serving more than 35 AI companies in Europe. Estonia is one of the main focus markets. Co-one aims to support the country’s rapidly evolving autonomous driving vehicles industry, retail technologies industry, surveillance analytics, and Natural Language Processing (NLP) solutions by supplying fast and accurate annotated datasets to AI teams.
As noted in a recent Startup Estonia’s report, the local startup sector now includes a growing number of DeepTech startups. Focused on developing a technology based on scientific and engineering research, in 2022, those companies registered a €90M turnover and employed 1430 people, about 15% of all startup sector.
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